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Charitable Contribution Deduction AGI Limitations

Charitable Contribution & 50% AGI

The average taxpayer never comes close to reaching the annual AGI limitation on their charitable contribution deduction. However, for those who donate a substantial amount of property or cash to a charity or other tax-exempt organization, you should be aware of the various limitations the IRS imposes. If the limitation applies, you don’t lose the benefit of your charitable contribution; you can claim the excess on one of your next five tax returns.

For most of the charities you make a donation to, the IRS designates them as a 50% limit organization. These include religious organizations, schools, hospitals, charities and humanitarian organizations. This means that the total of your annual donations to these types of organizations are deductible to the extent it doesn’t exceed 50% of your Adjusted Gross Income (AGI). For example, suppose you make a $25,000 charitable contribution to the Red Cross this year and your AGI is only $40,000. This means that your deduction this year is limited to $20,000. However, you can deduct the excess $5,000 on any of your next five tax returns.

Charitable Contribution 30% AGI Limitation

For a small number of charities that don’t qualify as a 50% limit organization, the IRS reduces the annual AGI limitation to 30%. These tax-exempt organizations include veterans’ organizations, fraternal societies, nonprofit cemeteries and some private non-operating societies.

Charitable Contribution of Capital Gain Property

When you donate property to a 50% limit organization, the IRS will reduce the AGI limitation to 30% if it qualifies as a long-term capital asset and its fair market value is higher than the amount you purchased it for. To qualify as long-term, you must hold the asset for more than one year by the time you make the donation. However, this limitation only applies if you claim a charitable deduction equal to its value. If you use your cost instead, then the normal 50% AGI limitation applies. The same rule applies to similar donations you make to 30% limit organizations; a 20% AGI limitation applies when using the property’s value as the basis for your charitable contribution.

Reference: IRS Publication 526-Charitable Contributions